Should I update my iPhone 12 Pro to version 26.7.1?

As you’re already running iOS 26 … YES.

If you don’t want to upgrade to iOS 27 …

… make sure that your Auto Updates feature remains “off” after the 26.7.1 update.

Should I update to the new software version 26.7.1?

Yes, if the most up to date security settings are important to you.

No, if they are not.